World Bank approves $400m credit score for Nigeria to scale up COVID-19 vaccination

Nigeria misses out on $4.4bn World Bank COVID-19 vaccine rollout package earmarked for 51 countries

The World Bank’s Board of Directors has permitted a $400 million greenback credit score to Nigeria in further financing, from its International Development Association (IDA), for COVID-19 vaccine acquisition, the financial institution introduced in an announcement it issued on Friday, in Washington.

The financial institution mentioned that the fund is supposed to supply upfront financing for secure and efficient COVID-19 vaccine acquisition and deployment throughout the nation and that it will be carried out as a part of the COVID-19 Preparedness and Response Project.

Building on the Federal Government’s plan to interrupt the chain of native transmission of COVID-19 and restrict the unfold of the virus, the unique COVID-19 response program can be expanded to allow equitable entry, the assertion mentioned.

This is to be able to buy reasonably priced COVID-19 vaccines for 18 per cent, or about 40 million of Nigeria’s inhabitants and help efficient vaccine deployment to 50 per cent, about 110 million Nigerians.

It additionally mentioned that the extra financing would permit Nigeria buy and deploy COVID-19 vaccines, strengthen related well being techniques which might be needed for a profitable deployment and to arrange for future well being emergencies.

“Critically, it will permit the acquisition of vaccines to support Nigeria’s objective of having access to vaccines under the right conditions of value-for-money, regulatory approvals, and delivery time, among other important features.

“This will ensure that the government meets its plans to vaccinate 51 per cent of its population in two years.”

Mr Shubham Chaudhuri, World Bank Country Director for Nigeria, mentioned because the Nigerian authorities continues to deal with the impact of a 3rd wave of the pandemic, it was essential to  proceed to vaccinate residents along with the usage of non-pharmaceutical interventions.

This, he mentioned, was to keep away from the dreadful penalties of one other lockdown that left in its wake an financial toll the nation was nonetheless grappling with.

“This additional funding would ensure that the Nigerian government has the necessary financial resources to keep its vaccination drive going. This would mean that Nigerians will have increased access to the COVID-19 vaccination.”

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Mr Ayodeji Ajiboye, the World Bank Task Team Leader for the mission, mentioned recognising that there was at the moment an extra in demand for vaccines from each high-income and lower-income nations, the extra funds would let Nigeria purchase the vaccine on the earliest.

He mentioned it will strengthen the capability of all states and the Federal Capital Territory to deploy the vaccines.

“It will also strengthen the country’s health system interventions, such as enhancing health-emergency response capacity of health workers, cold chain equipment, disease surveillance, data management and use, and laboratory testing for the long-term.”

The financial institution recalled that because the begin of the COVID-19 pandemic, it had deployed over $157 billion {dollars} to struggle the well being, financial and social impacts of the pandemic, the quickest and largest disaster response in its historical past.

Similarly, it additionally mentioned that it was supporting over 50 low- and middle-income nations, greater than half of that are in Africa, with the acquisition and deployment of COVID-19 vaccines and was making obtainable $20 billion {dollars} in financing for that goal till the tip of 2022.


Vanguard News Nigeria

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World Bank approves $400m credit score for Nigeria to scale up COVID-19 vaccination

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